A RESCUE plan for the Co-operative’s troubled banking arm has been unveiled in a bid to plug a £1.5 billion hole in its balance sheet. Listen to informed debate in your weekly business programme from the Yorkshire Post.
No taxpayers’ money will be involved in the plan, which will address the shortfall identified by the new City watchdog, the Prudential Regulation Authority.
The black hole in the Co-op’s capital reserves largely stems from commercial property loans acquired through a merger with the Britannia building society in 2009 which created a financial “super-mutual”.
In this week’s programme, we ask how, after all the banking scandals of the last few years, this can have been allowed to happen.
Also in the programme:
• We’re at the Yorkshire Post Environment Awards with the Energy secretary Edward Davey
• How a Yorkshire university and a US engineer landed a deal with Jaguar
• A century of stainless steel in Sheffield.
Digital Editor David Behrens is joined in the studio by the Yorkshire Post’s deputy business editor Greg Wright.